Deal with Lincoln Park funds corporate purposes and working capital
By Devika Patel
Knoxville, Tenn., July 28 – Aytu BioScience, Inc. negotiated a $10.5 million common stock purchase agreement with Lincoln Park Capital Fund, LLC on July 27, according to an 8-K filed Thursday with the Securities and Exchange Commission. Lincoln Park bought 133,690 shares for $500,000 at pricing.
The company will sell the common shares to Lincoln Park over three years at a price based on the prevailing market prices of the stock. The shares will be sold in tranches of up to 10,000 shares.
Lincoln Park received 52,500 shares as a commitment fee.
Proceeds will be used for general corporate purposes and working capital requirements.
Englewood, Colo.-based Aytu BioScience is a specialty pharmaceutical company focused on urology.
| Issuer: | Aytu BioScience, Inc.
|
| Issue: | Share purchase agreement
|
| Amount: | $10.5 million
|
| Tenor: | Three years
|
| Warrants: | No
|
| Investor: | Lincoln Park Capital Fund, LLC
|
| Fees: | 52,500 shares
|
| Pricing date: | July 27
|
| Settlement date: | July 27 (for $500,000)
|
| Stock symbol: | OTCBB: AYTU
|
| Stock price: | $3.74 at close July 26
|
| Market capitalization: | $4.04 million
|
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